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January 7, 2003 10:00 AM, EST

Orders placed with U.S. factories fell 0.8% in November, the third decline in four months, the Commerce Department reported Tuesday.

The decline was the result of companies seeking to hold inventories tight while faced with modest consumer demand.

In November, orders totaled $319.3 billion, Commerce said. The decline during the 11th month of the year followed a revised 1.4% increase in October.

Excluding volatile orders, factory orders slipped 0.7%.

Economists told Bloomberg that factory orders may not pick up until early in 2003.

Factory orders are an important indicator for the trucking industry, which relies on shipments to and from factories for much of its business.

Factory orders have been held down by companies’ reluctance to increase their orders until they see a strong rebound in consumer and business spending.